Arthur Hayes said he is launching an AI-crypto project even though he believes parts of the AI market are in a bubble, arguing the distortion lies in debt used to build data centers and in the stocks of unprofitable hyperscale cloud providers and frontier labs. In a post on X, he said, "Price is what you pay, value is what you get," and added that he is "100%" convinced by the "Agentic Economy". Hayes said the oversupply of computing power created by debt-funded buildout underpins his view on Flop Labs, a project he previously said he would lead after ending retirement. Flop Labs is described as "food" for AI agents and is structured with no presale, no venture capital participation, and a 100% fair launch.